Africa
Nigeria to discourage cash withdrawals and make deposits easier
Central bank says reform package aims to reduce cash usage and tackle money laundering
Website upgrades are comms teams’ top priorities for next year
Commitments differ somewhat by departmental structure
Climate and fragmentation are key risks, say deputy governors
Officials from EMEs in Africa and Americas outline concerns at Autumn Meetings
Larger comms teams involved earlier in policy decisions
Most departments become involved in duty after decisions are taken
Hybrid teams widely employ social media for two-way communications
Most respondents use strategies to address crises and disinformation
Nigeria holds rates at 27% despite easing inflation
Governor says exit from FATF grey list and outlook upgrade will boost capital inflows
Communications teams use AI mainly for drafting
But use cases vary according to team structures
LinkedIn, Facebook and YouTube are top comms platforms
Over a third of communication teams adopted new platforms in the past year
South Africa cuts by 25bp, citing lower prices ahead
Sarb brings policy rate to 6.75% in first decision since government lowered inflation target
Central banks universally communicate internally via email
Additional tools used vary somewhat by system efficiency and structure
Social media and press releases are primary external comms channels
Impact assessment tools vary across teams by structural approach
Namibia governor to step down one year ahead of schedule
Johannes !Gawaxab, chief of central bank since 2020, will depart on December 31
Three in four comms teams report non-staff resource adequacy
Senior staff make up roughly half of departments across jurisdictions
Centralised comms unit staff earn lesser salary than peers
FTE employees average roughly 20 personnel across central banks
Hybrid comms teams prioritise website over other activities
Communications department budget averages just over $1 million yearly
Nigeria and Waemu brace themselves for T+2
Former head of West Africa Monetary Institute believes change will boost cross-border payments
South Africa lowers inflation target from 4.5% to 3%
Sarb governor’s wish finally granted as finance minister announces change during budget review
Zambia cuts rates for first time in five years
Inflation eases as high global copper prices boost exports and strengthen local currency
FATF delisting of African nations a transactional move, says analyst
Organisation rejects suggestion that political factors were behind countries being taken off ‘grey list’
Policy impact widely gauged by macro and market indicators
Policy-making frameworks commonly reviewed on ad hoc basis
Quarter of central banks have government reps on MPC
Only one such committee publishes policy-makers’ votes